Crypto Espresso: Your quick shot of the latest crypto moves and news
Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.
Crypto was up… and then it was down again. (But fear not, reports that winter is coming for crypto may be greatly exaggerated). Winter is, however, coming for Texas, which you may recall was at the centre of a power crisis caused by the Winter Storm of 2021 that left millions of Americans and Mexicans without power, and resulted in 246 fatalities.
Anyway, with natural gas prices soaring, Texas governor Greg Abbott is calling for a cutback on Bitcoin mining in order to shore up the grid.
Analysts say that Bitcoin is “a superior form of money”, the days of centralised exchanges are limited, crypto investors are primed and ready to buy on the dip, and what to expect if you’re expecting Russia to ban crypto.
Let’s get caffeinated.
Prominent cryptocurrencies were mostly lower Wednesday at the end of the US market day, with Bitcoin down 3.00%, Ethereum down 2.00%, and Litecoin 2.07% lower. In other digital assets, Bitcoin Cash was off 0.78% and Dogecoin was down 1.48%.
Texas governor, Greg Abbot is calling for a cutback in crypto mining activity during the upcoming cold front to shore up the grid. Texas reportedly is home to dozens of cryptocurrency mining companies.
In a report entitled Bitcoin First, Fidelity Digital Assets director of research, Chris Kuiper, and research analyst Jack Neureuter, argue that Bitcoin should still be regarded as “an entry point for investors” and that it constitutes “a superior form of money”.
As more institutional investors become comfortable with decentralised finance (DeFi) the business of trading will become increasingly virtual, to the extent that centralised exchanges could be eclipsed within 10 years, says Jon Deane, CEO of Australian digital asset manager and technology firm Trovio Group.
On 20 January, the Bank of Russia, the country’s central bank, proposed a ban on the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens’ wellbeing and its sovereign monetary policy. While Russia’s ban on crypto remains mooted, what could it mean for cryptocurrency markets?
US cryptocurrency owners are ready to “buy the dip” in Bitcoin values and take on more digital coins over the next month despite price volatility, says a new report from market intelligence firm Morning Consult.
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